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					The New Generation in
Triple-A Financial Guaranty
CIFG Overview



  - CIFG financial guaranty companies are rated Aaa/AAA/AAA with
    experienced industry professionals in each business line
  - CIFG financial guarantors have over $680 million in claims paying
    resources segregated to support both present and future bondholder
    obligations
  - CIFG has insured over $12 billion in par since inception
  - Its financial guarantors are authorized in the European Union and
    licensed in over 40 jurisdictions. The number of US states in which
    CIFG is licensed should approach 50 during 2004*
  - CIFG is a member of an international group with a long and
    distinguished history in financial services

                                 *Please refer to Appendix for a listing of US jurisdictions in which CIFG NA is licensed




                                                                                                                   Page 2
Overview:
CIFG Claims-Paying Resources

CIFG is well capitalized:
US Statutory Pro Forma


          As of December 31, 2003                                                                  $ Millions*
          Statutory Capital Base                                                                             524.8
          Unearned Premium Reserved                                                                             80.0
          PV of Future Installment Premiums                                                                     77.3

          Total Claims-Paying Resources                                                                   $ 682.1

          * All non-USD amounts have been translated into USD using prevailing exchange rates as of December 31, 2003




                                                                                                                        Page 3
Business Review

CIFG’s key financials show its progress
   $ Millions*                                                  Twelve months ended                     Twelve months ended
                                                                 December 31, 2003                       December 31, 2002

   New Business:
   Gross Par Written                                                   $10,086                               $2,352

                                                                       as of                                  as of
                                                                  December 31, 2003                      December 31, 2002

   Portfolio:
   Gross Par Outstanding                                               $12,450                               $2,375

   * All non-USD amounts have been translated into USD using prevailing exchange rates as of 12/31/03




                                                                                                                              Page 4
Portfolio I

           CIFG grows with a high quality risk portfolio
                             December 31, 2003
                     $12,345 million of net par outstanding


                      BBB
                      13%

      A
     16%




                                                              AAA
            AA                                                60%
           11%




                                                                    Page 5
Portfolio II

     The risk portfolio is well diversified among business lines
                                   December 31, 2003
                           $12,345 million of net par outstanding


                              Europe Structured
                                  Finance
                                    18%

Europe Infrastructure
                                                                    US Structured
 & Public Finance
                                                                      Finance
        9%
                                                                        48%




                        US Public Finance
                             25%


                                                                                    Page 6
Corporate Structure and Capitalization I
CDC IXIS (Parent Company)


  - CIFG’s parent is CDC IXIS, the investment banking arm of Caisse
    Nationale des Caisses d’Epargne (CNCE), the central institution of the
    French cooperative bank network founded in 1818. CNCE is rated
    Aa/AA/AA
  - CNCE has two sets of owners: the Caisses d’Epargne savings banks
    (65% collectively) and Caisse des Dépôts et Consignations (CDC)
    (35%)*
  - CDC is a nearly 200-year old French financial institution with various
    public responsibilities for the benefit of French citizens. It is rated
    Aaa/AAA/AAA



                              *Please refer to Appendix B, the CDC IXIS Letter dated June 30, 2004, for information
                               on the July 1, 2004 transfer of activities associated with CDC


                                                                                                              Page 7
Corporate Structure and Capitalization II


               35%*                            65%                  Caisses
     CDC               CNCE                                        d’Epargne
                                                              (34 Cooperative Banks)


                          96.55%**


                      CDC IXIS


                          100%


                       CIFG



                              * Via CDC Holding-Finance
                              ** San Paolo IMI, the Italian Bank, holds a 3.45% stake in CDC IXIS


                                                                                           Page 8
Introduction to CIFG: Corporate Structure


                                        CIFG Holding
                                             French Holding
                                                Company


                               CDC IXIS Financial Guaranty
                                Dedicated French Reinsurance Company


Voting
Trust                        CIFG Services
 (NY)                         Delaware Service
                                  Company




                    CIFG NA                                          CIFG Europe
         Monoline incorporated in New York                    Monoline incorporated in France




                                                                                                Page 9
    Professional Team:
    Business Units

                                                                                                   Jacques R  olfo
                                                                                                        Chief
                                                                                                      Executive
                                                                                                       Officer




                          Steven K   lein                                         M ichel Rouzioux                                      Jeremy R  eifsnyder
                       Managing Director, Head                                  Managing Director, Head                                Managing Director, Head
                         Global Single R isk                                     European Operations                                      Global Structured
                                 ark
                          and M eting                                              and Reinsurance                                            Finance




 Thomas C  ollimore             Bill Hogan             Gwenola C   hambon                                      C harles G undy                      ita
                                                                                                                                                   R Duggan                            Victor M ahoney
       Director               Managing Director              Director                                       Managing D irector, Head             Managing Director                     Managing Director
Investor Development           S
                              U Public Finance        European Infrastructure                                     E uropean                      S
                                                                                                                                                U Structured Finance                   S
                                                                                                                                                                                      U Structured Finance
                                                        and Public Finance                                    Structured F inance                Commerical A ssets                     Consumer A ssets


                              Michael Uhouse              Alan Douglas                                                                                                    vy
                                                                                                                                                                         E Adamidou
                                  Director                   Director                                                                                                        Director
                                                                                                            Pascale V iala
                               S
                              U Public Finance        European Infrastructure                                                                                           S
                                                                                                                                                                       U Structured F inance
                                                                                                          Managing Director
                                                        and Public Finance
                                                                                                              E uropean
                                                                                                          Structured Finance
                              Michael Bartsch             David Woods
                                Vice President               Director
                                                                                                           R émi C harrier                   Zhengyuan L    u                     Violet Diamant
                               S
                              U Public F  inance      European Infrastructure
                                                                                                               Director                          Director                              Director
                                                        and Public Finance
                                                                                                              E uropean                     S
                                                                                                                                           U Structured F inance                  S
                                                                                                                                                                                 U Structured F inance
                                                                                                          Structured Finance                Commerical A  ssets                    Consumer A  ssets
                               Leigh Schaffer
                              Ass' t Vice President
                                                                                                          Olivier de Duve                   R ichard Z ogheb
                                S
                              U Public F    inance
                                                                                                               Director                          Director                              Director
                                                                                                              E uropean                     S
                                                                                                                                           U Structured F inance                  S
                                                                                                                                                                                 U Structured F inance
                                                                                                          Structured Finance                Commercial A  ssets                    Consumer A  ssets


                                                                                                             M innie L au                   Harold C ornwall                      Jonathan Sloan
                                                                                                             Senior Analyst                     Associate                             Associate
                                                                                                               European                     S
                                                                                                                                           U Structured F inance                  S
                                                                                                                                                                                 U Structured F inance
                                                                                                          Structured Finance                Commercial A  ssets                   Commercial A  ssets




                                                                                                                                                                                               Page 10
 Professional Team:
 Corporate Functions

                                                                                                 Jacques R  olfo
                                                                                                      Chief
                                                                                                 Executive Officer




M ichael Freed                                     James O eefe
                                                            'K                                                                                Charles W  ebster     Pamela Brown
General Counsel                                         C hief                                                                                      Chief             Vice President
 CIF H
    G olding                                       Financial O fficer                                                                            Risk Officer       Human R   esources




     Kathleen C ully
     General Counsel                                                                                                  Joseph Spivack                                     Tom Struppeck
                                                                                                                                                Paul Kwiatkoski
           G A
        CIF N                François C   olinet                        Marc de Bréchard          Julien B ramel      Managing Director         Managing Director            Director
                             Controller - Europe                             Director                 Director        R M
                                                                                                                       isk anagement              Surveillance           Actuarial Studies
                                  Finance                                    Systems            Financial M odeling

 Associate General Counsel                                                                                                 isa eller
                                                                                                                         L H
             G A
         CIF N                 John G  arrity                                                                            Vice President
                               Controller - US                                                                        R M
                                                                                                                       isk anagement           Jayce F ox
                                                                   Patrick A  hteck
                                  Finance                                                                                                       Director
                                                                    Vice President             oe eepers
                                                                                              J K
                                                                                                                                              Surveillance
       Legal Counsel                                                  Systems                    Director
          G urope
       CIF E                   Stan C  otek                                                Financial M odeling
                               Vice President                                                                                             Raymond Strecker
                                                                   Vadim G   elman
                                  Finance                                                                                                 Surveillance Specialist
                                                                    Vice President         Sergey Pekarsky
                                                                                                                                              Surveillance
                                                                      Systems                 Vice President
                              Hélène L  epeu                                               Financial M odeling
                             Senior Accountant
                                                                    F       i
                                                                     eng L - 50%
                                  Finance
                                                                     Vice President          F       i
                                                                                              eng L - 50%
                                                                       Systems                Vice President
                                                                                           Financial M odeling


                                                                                           W alid Ben K  hecib
                                                                                              Senior Analyst
                                                                                           Financial M odeling




                                                                                                                                                                                   Page 11
US Public Finance:
Corporate Strategy

Public Finance has targeted the full spectrum of public finance
transactions


   - Initial activity was in the secondary market to take advantage of pricing
     and competitive dynamics and in the New York primary market where
     CIFG NA was first licensed
   - CIFG has shifted focus to new issue (negotiated and competitive)
     markets across the country as licenses are approved in each state




                                                                           Page 12
US Public Finance:
Representative Transactions I

Primary Market
      » Chicago Board of Education $300 million Series 2004
      » Commonwealth of Puerto Rico $100 million Series 2004B
      » Commonwealth of Puerto Rico Public Finance Corporation $25 million*
      » Metropolitan Transit Authority Dedicated Tax Bond $100 million Series
        2004B-5
      » Metropolitan Transit Authority Transportation Revenue Bonds $250 million*
      » New York City GO $13.72 million Series 2004G
      » New York State Local Government $210.45 million Series 2004
      » Salt Lake City Airport $62 million Series 2004A and 2004B
      » State of New Jersey Economic Development Authority, $100 million Series
        2004 H1-H2

                                                                          * Committed




                                                                                 Page 13
US Public Finance:
Representative Transactions II

Secondary Market


   - Approximately $600 million of bonds insured
   - Actively quote over 40 names
   - Recent secondary market names include:
       » New York City, Port Authority of NY and NJ
       » Puerto Rico GO and related credits
       » California GO, appropriation credits and DWR
       » Province of Québec/Hydro Québec




                                                        Page 14
US Public Finance:
Portfolio Distribution

                              CIFG US Public Finance
                                       December 31, 2003
                               $3,136 million of Net Par Outstanding

                                       Local tax     Higher Ed
                          Education     backed          2%
                                                             Hospitals
                             3%           2%
      State tax backed                                         1%             State GO &
             4%                                                              Appropriations
   City/County GO's                                                              38%
          8%

  Toll Roads
      8%


               Airports
                 9%                                               Utility Systems
                                  Public Power                           14%
                                      11%

                                                                                              Page 15
US Structured Finance:
Corporate Strategy

Focus has been on low-risk transactions with sizeable
premiums


   - Collateralized Debt Obligations (CDO), funded and synthetic, at triple-A
     and super triple-A attachment points
   - Residential Mortgage Backed Securities (RMBS)
   - Consumer Assets
   - Future Flows
   - Commercial Mortgage Backed Securities (CMBS)
   - Insured Enhanced Equipment Trust Certificates (EETC)




                                                                          Page 16
Structured Finance:
Investors, Counterparties & Placement Agents

Investors, counterparties and placement agents have included:

        Bank of America                  Barclays Capital
        Bear Stearns                     BNP Paribas
        Citigroup                        Calyon
        CSFB                             Deutsche Bank
        Dresdner Kleinwort Wasserstein   Goldman Sachs
        HSBC                             JP Morgan Chase
        Lehman Brothers                  Merrill Lynch
        Morgan Stanley                   Royal Bank of Scotland
        UBS




                                                                  Page 17
US Structured Finance:
Representative Transactions closed in 2003

     - CDOs
           » Investment grade CDOs
           » Multi-sector (ABS) CDOs
     - Consumer Assets
           » Auto loans
           » Home equity lines of credit (HELOCs)
           » Rental car fleet financing
           » Residential Mortgage Backed Securities (RMBS)
     - Previously Insured Aircraft Transactions
           » Insured EETCs for US and European airlines
           » Insured aircraft lease portfolio




                                                             Page 18
US Structured Finance:
Portfolio Distribution

                         US Structured Finance
                                December 31, 2003
                        $5,966 million of Net Par Outstanding

                                     Credit Cards
             Other Consumer              2%
                   7%                                              CDO Asset
                                                                    Backed
      RMBS
                                                                     40%
       12%



   Lease Assets
       19%

             CDO High Yield                       CDO Investment
                 3%                                  Grade
                                                      17%


                                                                               Page 19
Europe:
Corporate Strategy

There are two sub-sectors for the European business
   - Infrastructure/Public Finance
       » Direct government issues
       » Infrastructure financing
       » Private Finance Initiative (PFI)


   - Structured Finance
       » Collateralized Debt Obligations (CDOs)
       » Asset Backed Securities (ABS)
       » Residential Mortgage Backed Securities (RMBS)
       » Commercial Mortgage Backed Securities (CMBS)




                                                         Page 20
Europe:
Representative Transactions

CIFG Europe’s closed transactions include:
       - Public Finance
             » City of Marseille
       - Infrastructure Finance
             » Anglian Water
             » Prado Tunnel, Marseille
             » Rome Airport
       - Structured Finance
             » Leveraged loan CLOs
             » Multi-sector (ABS) CDOs
             » Italian consumer finance securitization
             » Residential/Commercial mortgage backed securitization



                                                                       Page 21
Europe:
Portfolio Distribution

                                 CIFG Europe
                                 December 31, 2003
                         $3,136 million of Net Par Outstanding


                       Mass Transit    Auto   Equipment
              CMBS        4%           1%      Leasing
               8%                                                 Infrastructure
                                                 1%
                                                                       33%
       RMBS
        11%


CDO Asset Backed
      6%

                                                           CDO Investment
                     CDO High Yield                           Grade
                         13%                                   23%


                                                                                   Page 22
Underwriting and Oversight

Risk Management is autonomous, centralized and conservative


   - Risk Management reports directly to CEO
   - Centralized credit review and approval ensures consistent application
     of underwriting standards
   - All transactions are underwritten to no-loss standard
   - No watch list items




                                                                         Page 23
Reinsurance

Reinsurance helps CIFG adjust its portfolio


   - Facultative strategy
   - Reinsurance functions as a risk management tool
   - Reinsurers have been rated at least Double-A




                                                       Page 24
Rating Agency Oversight


  - Operating level
      » Continuously reviews quality of ownership, management, business plan,
        and procedures
      » Assesses financial strength including capital adequacy, liquidity,
        investments and all forms of “soft” capital
      » Evaluates CIFG at the triple-A level, i.e. the strictest standards for financial
        guarantors


  - Transaction level
      » Shadow rates each transaction that CIFG guarantees
      » Assigns a capital charge based on historical default statistics, ranges-of-
        loss severities, and portfolio correlation




                                                                                     Page 25
Liquidity

CIFG keeps a short-duration, top-quality investment portfolio


   - CIFG’s liquidity requirements are met by maintaining a short-duration
     investment portfolio
   - The investment portfolio will be adjusted to reflect expected liabilities
     as the insured portfolio grows and evolves




                                                                                 Page 26
 Investment Portfolio Composition



                              Commercial Paper
                                 and CD
                    T Bills                           Municipal Bonds
                                   1%
                     11%                                    1%

US Government and
   Government
  Agency Notes
      14%




                                       Money Market
                                          73%
                                                                          December 31, 2003
                                                                   Average Duration: less than one year



                                                                                              Page 27
Consolidated CIFG Balance Sheet
U.S. GAAP – unaudited
 € / $ ‘000                                           December 31, 2003                              December 31, 2002

                                                       €                    $ (1)                    €                     $ (2)
 Assets
 Investments                                        € 487,258              $ 614,140               € 281,276              $ 295,143
 Deferred acquisition costs                              23,711                29,885                     8,007                    8,402
 Intangible assets & goodwill                              6,610                8,331                        ---                      ---
 Other assets                                              9,131               11,509                    10,113                10,611
 Total assets                                       € 526,710              $ 663,865               € 299,396              $ 314,156
 Liabilities
 Deferred premium reserves                           € 61,040               $ 76,935               € 15,170                 $ 15,918
 Losses & LAE reserves                                     1,496                1,886                      131                      137
 Other liabilities                                      15,879                 20,013                    15,916               16,701
 Total liabilities                                      78,415                 98,834                    31,217               32,756
 Shareholder’s equity                                  448,295               565,031                 268,179                 281,400
 Total liabilities & shareholder’s equity           € 526,710              $ 663,865               € 299,396              $ 314,156

                                       For the convenience of the reader, all Euro amounts are translated to USD at an exchange rate of:

                                                                (1) At December 31, 2003, 1.2604      (2) At December 31, 2002, 1.0493

                                                                                                                                     Page 28
CIFG in conclusion

CIFG is an important addition to the financial guaranty industry


   - Triple-A by Moody’s, Standard & Poor’s and Fitch
   - Rigorous risk management culture
   - Low-risk insured portfolio
   - Experienced staff in all markets
   - Strong, committed shareholders with long, distinguished history in
     financial services




                                                                          Page 29
 Business Contacts


Chief Executive Officer          Jacques Rolfo       +1 212 909 3936     j.rolfo@cifg.com

Global Single Risk & Marketing   Steven Klein        +1 212 909 3927     s.klein@cifg.com

Global Structured Finance        Jeremy Reifsnyder   +1 212 909 3946     j.reifsnyder@cifg.com

European Infrastructure &        Alan Douglas        + 44 207 648 6955   a.douglas@cifg.com
Public Finance

European Structured Finance      Charles Gundy       + 44 207 648 6954   c.gundy@cifg.com


Reinsurance                      Michel Rouzioux     + 33 158 55 65 12   m.rouzioux@cifg.com

Investor Development             Thomas Collimore    +1 212 909 3952     t.collimore@cifg.com




                                                                                            Page 30
Websites



  - Rating agency reports, financial statements and other materials are
    available at:
      » www.cifg.com
  - Information on other members of the group of companies is available
    at:
      » www.caissedesdepots.fr
        Click on HTML Version/News/Group
      » www.groupe.caisse-epargne.fr
        Click on NotreGroupe/SiteInstitutionnel/BritishFlag/PressRoom
      » www.cdcixis.com
        Click on EnglishVersion/Media/PressReleases




                                                                          Page 31
Appendix A:
US Licenses*

 Alabama         Alaska         Arizona                Arkansas

 Colorado        Delaware       District of Columbia   Florida

 Georgia         Idaho          Illinois               Indiana

 Iowa            Kentucky       Louisiana              Maryland

 Massachusetts   Michigan       Missouri               Montana

 Nebraska        Nevada         New Jersey             New Mexico

 New York        North Dakota   Ohio                   Oklahoma

 Oregon          Pennsylvania   Puerto Rico            South Carolina

 South Dakota    Texas          Utah                   Vermont

                 Virginia       Washington             West Virginia

                 Wisconsin      Wyoming                    *As of June 30, 2004




                                                                         Page 32
Appendix B:
CDC IXIS Letter

                                                                                                                                                                June 30, 2004
Dear Sir or Dear Madam,

Following the agreement signed between Caisse des Dépôts and Caisse d’Epargne Group which provides for the two partners to build a major full-service bank together, CDC
IXIS Group is set to undergo two major changes in the next few months. This letter marks our intention to keep you personally informed of the ensuing process.

The first change concerns capital ownership. On July 1, 2004, Caisse Nationale des Caisses d’Epargne (CNCE), the Caisse d’Epargne Group’s lead company, takes control of
CDC IXIS in a transaction that will see the bank and its subsidiaries join one of France’s leading banking groups, offering maximum financial security, with €17 billion of
consolidated shareholders’ equity (pro forma 12/31/03) and ratings of AA/Aa2/AA. Caisse des Dépôts will be the Group’s strategic partner, with a 35% equity stake in CNCE.

The second change concerns organizational structure. In the final quarter of 2004, CDC IXIS and its French and international subsidiaries will be reorganized to form Caisse
d’Epargne Group’s investment banking arm, operating under the IXIS brand name. As part of this process, all of CDC IXIS’s liabilities and commitments will be allocated to the
business lines concerned. Its various activities will be carried out via three subsidiaries controlled directly by CNCE:
• IXIS Corporate & Investment Bank, which will be created out of CDC IXIS Capital Markets,
• IXIS Asset Management, a financial and real-estate asset management specialist,
• IXIS Investor Services, a new institutional custody and investor services subsidiary.

Caisse des Dépôts’ guaranty in favor of CDC IXIS will be transferred in identical form to IXIS Corporate & Investment Bank. Caisse des Dépôts will continue to guarantee
transactions already concluded by CDC IXIS until they are completed as well as new transactions effected by IXIS Corporate & Investment Bank up until January 23, 2007. To
complement this guaranty, within the framework of Caisse d’Epargne Group’s financial solidarity mechanism, CNCE will act as guarantor for transactions that do not fall within the
scope of the Caisse des Dépôts guaranty.

Our integration into a major banking group offering a diversity of business lines and services will ensure we can continue to accompany you in your development and act as
partner for your financial transactions and risk & investment management needs, all in a fully secure manner. You will retain your usual contacts while at the same time having
access to a broader range of banking and financial services. We are naturally keen to ensure your company personnel are kept regularly abreast of the operational implications of
these changes and we will therefore shortly be sending them full documentation on the subject. Our own staff is also available to provide any additional information they might
require. Rest assured that we will continue to pay the same high level of attention to maintaining quality relations and to the reliability of our transaction execution.

                                                                                 Yours truly,




                                                                                        Anthony Orsatelli                       Laurent Vieillevigne
                                                                                   Chairman of the Executive Board          Member of the Executive Board


                                                                                                                                                                         Page 33

				
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